Sputnik - The US imposed sanctions against Tehran's energy, banking and shipping sectors on November 5 following Washington's unilateral withdrawal from the Iran nuclear deal. The European Union slammed the decision and vowed to safeguard's Iran's access to the global oil market with a backup payment mechanism. However, no country seems willing to host it.




In an attempt to�save what was left of�the 2015 Joint Comprehensive Plan of�Action, its signatories Germany, France and the UK, as�well as�the EU government in�Brussels are reportedly poised to�press Luxembourg to�host the non-dollar Special Purpose Vehicle (SPV), a financial entity which is designed to�facilitate trade between�European companies and Iran amid�US sanctions.

EU foreign policy chief Federica Mogherini asked several states to�host the mechanism. A European diplomat, however, told Reuters that �no one has come forward at�this stage.� The host country, Reuters explains, risks putting its local banks at�risk in�implementing the SPV, incurring punishment from�the US.

Earlier, Austria refused to�play this role, pointing out�that there are �too many open questions and imponderables with�this SPV." Luxembourg, home to�the EU Court of�Justice and Belgium, which� were each viewed as�a possible SVP host country. Both of�them expressed their reservations about�playing this role, fearing that Washington may cut local lenders� access to�the US market, Reuters reports, citing an unnamed EU diplomat.
"If we don't have a host country, we have a very big problem. So much is riding on�this that some way will need for�someone to�host this. There is a lot of�nervousness about�what hosting an SPV means," another diplomat told the agency.


However, the bloc refuses to�give up.
"It's not dead, but�it's not going in�the right direction. We are going to�try again with�Luxembourg, but�we're under�no illusions," a European diplomat said.


According to�European Justice Commissioner Vera Jourova, the technical work continues as�the bloc aspires to�find a solution for�keeping the trade with�the Islamic Republic and withstanding US pressure.
"We Europeans cannot accept that a foreign power, not even our closest friend and ally, takes decisions over�our legitimate trade with�another country," she told the EU lawmakers.


The Trump administration announced plans to�reinstate the sanctions against�Tehran, which were previously lifted under�the 2015 Iran nuclear deal, in�May. The latest set of�sanctions, which came into�force on�November 5, affects the country's energy, banking and shipping spheres. The international financial messaging network SWIFT has already�declared�that it has cut off�communication with "certain Iranian banks".

US National Security Adviser John Bolton promised that Washington will exert even more pressure on�Tehran. He promised to �squeeze them [Iran] until�the pips squeak." He also lambasted the EU's attempts to�overcome the US sanctions and insisted that over�time, Europe will come to�accept�the fact that it can no longer do business with�Tehran.
"I like�to compare the attitudes that are changing in�Europe to�a book written years ago in�the US called 'The Six Stages of�Grief.' It starts off�with denial. Then it ends up�at acceptance," Bolton said.